Young people, however, have been prone to fall further into obligations as they attempt to refinance established loans or take out brand new signature loans for by.
A study by Consumer plan Research Centre states one in 10 young adults reported taking right out an individual mortgage in Oct, right up from just one in 50 in May, and one in five mentioned that they had used even more informal personal lines of credit, such as borrowing from friends.
The centre’s leader Lauren Soloman warned of exploitative lending methods and stated: “Young people particularly are in high risk of […]